North East, MD – June 27, 2016 – Operative Experience, Inc., a company that has pioneered a new biofidelic emulation technology that is revolutionizing surgical and pre-hospital skills training, today announced it has raised $1 million from private investors.
The funding will be used to expand production and accelerate new product development to support the growing demand for Operative Experience’s medical simulation products.
“We are pleased at the high level of confidence our investors have shown in Operative Experience,” said D. Michael Navin, the company’s Chief Executive Officer. “We plan to use this funding to complete the expansion of our management team and our production facility in order to deploy our technology to meet the needs of our expanding customer base.”
Concurrent with this financing, Louis Oberndorf, former founder and CEO of METI, the world’s leading medical simulation company, which was acquired in 2011 by CAE for $130M, became Executive Chairman, and Bernie Rudnick, founder and managing partner of CapGenic Advisors, LLC and named 2015 Lead Angel of the Year at Angel Week NY, became a member of Operative Experience’s Board of Directors.
Oberndorf said, “Operative Experience is well on its way to delivering a record operating performance this year. These investments and the progress we have made in implementing our strategy prove this. I am very impressed with Operative Experience’s 21st century technology and our management team, and I believe the healthcare simulation market will benefit from our new and innovative products.”
Operative Experience was founded in 2009 with the goal of revolutionizing surgical and pre-hospital training. The company’s biofidelic emulation technology gives learners an unprecedented “hands-in-the-body” surgical training experience resulting in better training and better patient outcomes. Operative Experience’s founder, Robert Buckman, MD, a surgeon and former professor at the Temple University School of Medicine, developed the technology under a series of SBIR grants from the U.S. Army Medical Research and Material Command. The DOD is currently one of the primary users of the company’s simulators.
The healthcare simulation market has experienced significant growth in the past decade and is estimated to be worth $2 Billion by 2019, according to a 2014 Markets and Markets report. Medical simulation facilitates increased task proficiency and patient safety, enhances communication and team management skills and reduces medical errors.
“This is a significant, game-changing event for Operative Experience and positions us for accelerated growth,” said Navin. “We are expanding the management team and have already added a world-class technology officer in Carlos Moreno, and world-class sales executives in Jane O’Reilly and Paul Bernal. We are expanding our facility to triple our production capacity, and we will be releasing four new ‘first-in-the-world’ products in the next twelve months. This is an exciting time for OEI!”
About Operative Experience, Inc.
Operative Experience, Inc. is on a mission to revolutionize surgical and pre-hospital training. Using medical simulators with unprecedented anatomical and surgical fidelity within a rigorous experiential instructional paradigm, Operative Experience reduces training costs while increasing training effectiveness and retention. The company is dedicated to applying this technology to reduce combat and civilian surgical mortality, and to provide humanitarian support to developing countries with limited medical resources.